Sure, if you want to. There’s nothing to prevent you!
The only issue would be a couple of restrictions or limitations:
- Don’t disclose without the Buyer’s consent, and
- Don’t disclose any information which could identify the Buyer.
This means that if you wish you could commence with the new system of “open offers” enabled by TRESA at the present time.
You would have the same types of risks, some Buyers may not wish to participate and the prices might gradually increase rather than suddenly increase all at once.
Website
I would be inclined to use a separate website for this. Or, you might be able to publish a blog on your existing site.
You could do the “I will send copies of the Offers with identifying information blackened out, or, you could just publish highlights:
Offer 1 Buyer 1
Price: $1,050,000.00
Deposit: $50,000.00
Closing: 31 July 2023
Etc.
The interesting issue here would be whether or not someone chose to omit some very relevant information such as the closing date. What if one person chooses to close in two years. Their Offer price diminishes in value. But, the Offer dates are not indicated. Is this a misrepresentation? Is this a misrepresentation by omission?
I think it certainly could be. So, you would have to be very, very cautious in that regard.
Is there anything contained in one of the Offers which would substantially discourage a Seller from accepting it?
Also, are any of the Offers from a “friend”, that is, someone who will assist in bidding up the prices but really has no interest in the property? Should they be disclosed?
Brian Madigan LL.B., Broker